MNI China Daily Summary: Tuesday, July 2

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Evidence of Programmatic Buyer Drives Stocks Higher

EQUITIES
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  • Monitoring the uptick in US equities over the past few minutes: E-mini S&P extends the recovery to hit new daily highs of 5325.25 - despite little mirrored movement in US rates markets.
  • NYSE's TICK index shows a net 1396 names bought on the move at 1104ET/1604BST, which may be aiding the move higher.
  • No specific newsflow or cross-market driver to point toward, but risk-sensitive currencies are moving in tandem: GBP/USD and USD/CAD printing daily highs/lows.
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  • Monitoring the uptick in US equities over the past few minutes: E-mini S&P extends the recovery to hit new daily highs of 5325.25 - despite little mirrored movement in US rates markets.
  • NYSE's TICK index shows a net 1396 names bought on the move at 1104ET/1604BST, which may be aiding the move higher.
  • No specific newsflow or cross-market driver to point toward, but risk-sensitive currencies are moving in tandem: GBP/USD and USD/CAD printing daily highs/lows.